With first-time insurance buyers in mind, this plan simplifies the policy buying process by eliminating all paperwork, medical tests, income requirements and manual intervention

March 2, 2017

ETMoney, the Times Internet-backed financial services app, announced the launch of a data-led group term insurance plan in partnership with HDFC Life.

Offered as an exclusive benefit to ETMoneyâs Â 1Â million+Â users, the group term life insurance plan offers coverageÂ between RsÂ 25 lakh and Rs 50 lakh that is calculated based on theÂ userâs spend pattern. Secondly, ETMoney users can also saveÂ up to 30% of the premium paid as a tax benefit under section 80C of the Income Tax Act.Â With first-time insurance buyers in mind, this planÂ simplifiesÂ the policy buying process by eliminating all paperwork, medical tests, income requirements and manual intervention that is common in a regular insurance policy. The easy workflow within the app makes it possible to buy a plan in less than two minutes.

Mukesh Kalra, COO of ETMoney, said, âYoung earners in India are significantlyÂ under insured. The term plan is designed grounds up for this segment and it acts as a simple, paperless and cost-effective way to start their insurance journey.Â Partnering with HDFC Life substantiatesÂ our data-led, mobile-first approach and we are proud to work with them to design this digitalÂ policy.â

Amitabh Chaudhry, MD & CEO of HDFC Life, said, âIn keeping with our endeavour to be a digital first organisation, we have undertaken multiple initiatives and harnessed various innovations to transform the way we do business through digitisation and achieve customer delight. Weâre proud to say that our association with ET Money will enable us to reach out to the millennial customer through oneâs most preferred medium in a paperless, self-help environment with privacy and convenience. This financial planning management app brings insurance at the finger-tips of the discerning new-age generation.â